AVAX Price Triggered a Breakout from Falling Wedge Pattern; What’s Next?

When writing, the Avalanche crypto traded at $31.92, losing 2.24% in the past 24 hours. The market capitalization was $12.62 Billion

Mid-March saw AVAX hit a 52-week high of $65.38, disrupting the bullish trend. The chart showed that the Avalanche crypto price failed to sustain the $60 hurdle and performed negatively.

AVAX price had lost around 50% till now from its 52-week high. The crypto asset price triggered a breakout from the 20-day EMA in mid-July and came for the retest. After retesting, the Avalanche price shot up 21% in 3 days and extended to the 200-day EMA level.

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The recent bearish trend was halted near the $24 hurdle and formed a double-bottom pattern. The sellers had tried twice to drag the price below the $24 mark, but the buyers were strong enough to prevent that.

Based on the technical indicators, the Avalanche coin price had crossed the 20-day EMA and reached the 200-day EMA. MACD showed a bullish crossover, and the histograms remained green for a long time. Overall, the technical indicators favored a bullish trend at the time of writing.

RSI Analysis

COINBASE: AVAX/USD 1-D Chart for Bullish Divergence

The Relative Strength Index (RSI) formed a bullish divergence, indicating bullish momentum ahead. The RSI was at 64, having recovered from the oversold zone and reaching the overbought zone.

Is It Time to Pack the Bag with AVAX Crypto?

A source on X claims that the Avalanche coin price might be turning for a massive upmove. As per the chart, the given technical indicator is on the verge of a crucial level in terms of historical momentum for a bullish move.

It's going to be $AVAX turn soon.I hope you packed your bags. pic.twitter.com/mHOa9exWBo

The liquidity was grabbed below the key moving average in the 3-day time frame and was ready to shoot up soon.

AVAX Price Triggered a Breakout from Falling Wedge Pattern; What’s Next?

At the time of writing, Avalanche crypto was trading at $31.92, down 2.24% in the past 24 hours. The market capitalization was $12.62 Billion, and the 24-hour trading volume was $850.96 Million.

The AVAX price had formed a falling wedge pattern in the daily time frame and showed a breakout from it. After the breakout, the price surged by 24% in less than a week.

The price had extended to the 200-day EMA and showed weakness. If the AVAX price closes above the 200-day EMA, intense buying pressure could be seen. Assuming the price breaks out with a surge in volume, the price might approach the $50 mark.

On the other hand, if the Avalanche price faces resistance from the 200-day EMA, short-term profit booking can be anticipated. If the price starts trading below the 20-day EMA, a larger-scale profit booking could be seen.

Will AVAX Price Recover From Bottom?

The AVAX price has shown a positive move since the breakout from the falling wedge pattern and reached a crucial level. Based on the chart structure, the liquidity was grabbed below the $30 mark, indicating that the price is set to skyrocket soon. If the price crosses the 200-day EMA with a surge in volume, buyers may dominate further.

Technical Levels

The bullish momentum in Avalanche crypto might face resistance at the $37 and $50 levels. The bearish trend could halt at the $29.50 and $24 levels.

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.